Dallas, Texas 10/16/2013 (Financialstrend) – On October 10, gold manufacturing firm IAMGOLD Corp (USA) (NYSE:IAG) reported to SEC through a mandatory filing the change in holding pattern of its common stock. As per the submission a consortium led by Blackrock Inc has communicated to ING that they collectively own 4.8% of common stock issued by IAG. Blackrock and its partner firm owns total of 1.61 million out of the 376 million of common stock outstanding issued by IAMGOLD corp.
Post the acquisition, institutional ownership in this stock has gone up to 79.8%. The company has a market capitalization of $1.64 billion. It had recorded sales of $1.46 billion over the trailing 12 months period resulting in $145 million of net income. Unlike other gold manufacturing firms ING has tried to chart a steady dividend payout plan over the past 4 quarters. It has paid out total of $0.25 as dividend over the past 12 months. This translates to a forward yield of 5.73% which is pretty respectable payout compared to other gold mining companies which have opted for across the board reduction in dividend payout plans.
Like most other gold producers, this Canada based gold producing company has also struggled to keep its share price from getting pulled down over the past many weeks. Gold producing company stocks have seen across the board dip in value in the light of drastic dip in price of gold futures over the past two days. The stock of ING has slimmed down by 18.8% over the past 30 days which is on par with devaluation other gold companies have undergone.
When trading commenced on October 15, shares of ING were trading at $4.36 per share. Over the next four hours the stock scripted a impressive 2.47% increase in value reversing the past couple of weeks trend which has seen the gold stock lose value.